The Next Hilary Clinton or Laura Bush? New Evidence on Women's Long Run LFP for a Large Sample of Harvard Graduates

Harvard people appear to be doing well in the new Obama Administration. This must be due to both selection (who gets in) and treatment (what they learn and who they meet) while at this elite school. Now that women represent more than 50% of college graduates, it is interesting to ask whether at mid-career (15 years out) who is in the labor force versus who has opted out. Standard household economics would ask questions about substitution and income effects. All else equal, if a woman would earn a high wage if she works -- this should encourage participation. If she is married to a partner who earns a huge salary --- this income effect should encourage her to opt-out. Using a unique data set covering a large number of women Harvard graduates from the classes from 1988 to 1991, this New Paper on female Harvard graduate's labor force participation at age 37 has many interesting things to say. Doctors are more likely to be still working than MBA graduates. What about PHD economists?